Chrysler Files for IPO
Late this afternoon, Chrysler filed paperwork for an initial public offering. The move sets in motion a process to value the remaining 41% of the automaker that’s owned by a United Auto Workers health care trust; Italy's Fiat owns the remaining 59% of the Auburn Hills, Mich., automaker.
What does this mean for consumers? Right now, not much. It's unclear how much of the union trust shares will go into the IPO. Fiat CEO Sergio Marchionne has been trying to merge Chrysler and Fiat into a single automaker for some time, and CNBC reports that the IPO should help move the process along; Bloomberg News, however, reports that the move will complicate Fiat's efforts to merge the two.
We'll report more details as we get them.